India’s Reliance Industries has cut the pay of employees by up to 50% in wake of the coronavirus pandemic as per a company letter.
Mumbai| India’s Reliance Industries has declared an up to 50% salary cut for some top oil-and-gas division employees, reported Reuters on Thursday, as the firm fights lower fuel consumption and profitability due to the COVID-19.
Headed by India’s richest man, Reliance Industries has decided that employees earning more than Rs 15 lakh a year will face a 10% salary cut, while senior executives will take salary cuts ranging from 30% to 50%. Employees earning less than Rs 15 lakh per annum will not see any reduction in their compensation.
“Our Chairman has agreed to forgo his entire compensation,” executive director Hital R Meswani said referring to Asia’s richest man, Mukesh Ambani.
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Reliance Industries has also declared a delay in the annual cash bonus and performance-linked incentives, which are normally paid in the first quarter.
Reliance Industries Ltd shares closed 2.86 per cent higher at Rs 1,467.05 on the Bombay Stock Exchange.
The total cases in India surged to 35,043, including 8,888 cured/discharged/migrated and 1,147 deaths as India is in the final days of the 40-day lockdown to curb the spread of COVID-19.
In the past 24 hours, 73 casualties were recorded, highest so far.
A staggering 1,993 new cases of COVID-19 were recorded in the last 24 hours.
The total number of cases in Maharashtra– the worst affected state by the virus, has climbed to 10,498 with 459 deaths.
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